Singapore plans to establish guidelines for the banking cryptocurrency business

ChainCatcher news, according to Bloomberg, Singapore authorities plan to establish unified standards to screen potential clients in the cryptocurrency and digital asset sectors.

According to informed sources, the Singapore central bank has been working with the police to fine-tune their review processes when banks open accounts for all types of digital asset service providers, helping local banks optimize the account opening procedures for digital asset service providers. The project has been underway for about six months and may release an industry report on best practices in areas such as due diligence and risk management in the next two months.

The Monetary Authority of Singapore (MAS) stated that there are no regulations preventing banks operating in the country from doing business with companies that handle cryptocurrencies or other forms of digital assets. Banks have the discretion to decide whether to establish banking relationships with these clients. (Bloomberg)